If the extra 6 million are underwater options
then perhaps we may have a upside surprise in Q1
results. If the stock fluctuates in the 6-7 area I assume
that total shares outstanding for Q1 would be 48-49
million. That would mean another penny in EPS ... in other
words if they make 0.08 (based on 54 million shares)
that would translate into 0.09 with the lower number
of shares outstanding.
When I called Leah
last Friday I had to call up to NY office ... I do
hope they get something lined up soon for the wound
care possibilities. I think that can play a bigger
role in EPS this year than the Merrill Lynch analyst
is building into his model. That 3/21 post from
Bloomberg is likely a "late" post from his 3/19 research
report. In any event you can sign up for free research
reports with Merrill for some period of time. If you
haven't read the report I'd suggest you do so ... it was
reasonably thorough and the wound care market is bigger than
I thought. I think the Merrill web site is:
If the strike prices of those options are
underwater, why not excercising the options and wait for the
market share price to rise and then sell? Insiders then
wouldn�t let the options expire.
Below are several comments:
- The 6
million extra shares are probably the stock options that
are below the market price when fully diluted
earnings per share are calculated. As per the 1998 10K,
6,332,000 options were outstanding - most are underwater.
It is more conservative to count them in if share
- Comment to posts on options
exercised - the options exercised are immaterial to the
total number outstanding. They are not being exercised
because they are expiring; options are granted in much
greater amounts for the people who are exercising. They
must really need the money which explains why you do
not see market purchases from this group. Believe me
they are hurting even though they draw salaries. They
dream of making big money on exercising at much higher
prices. If the price does not go up their shares will
eventually expire worthless. THEY CARE BIG TIME!
Investor relations not returning phone calls - something
must be in the works. If Leah is too busy to return
calls that may be a good thing (i.e. wound care partner
- Price will go up but unfortunately without news
money managers can jump into the stock at anytime, that
includes retirees sitting at their PC's. They don't care
about paying an extras 10% for penalty for not being in
the stock now.
Below is from Bloomberg (note
Tel Aviv, March 21 (Bloomberg
Data) -- Bio-Technology General Corp. (BTGC US) was
maintained ``buy'' by analyst Paul Woodhouse at Merrill
Lynch & Co. The analyst set a 12-month target price of
$11.50 a share.
My last comment - this stock
will be a winner. If you are a true investor then you
should have enough confidence in your stock picking
ability. If not put your money into JANUS
Good luck to all!
I saw in the 10K posted today that they repriced
options last summer:
On June 15, 1998 1,398,000
previously-granted options were repriced.
This is the kind of
stuff I don't care for. If they had wanted to grant
some additional options that's one thing, but to
reprice higher priced options is a different story.
< Announcement of partner to jointly market
Oxandrin in the U.S. for wound care (700k patients per
year market) should be forthcoming later in March or
This is a biggie for BTGC this year.
I read Merrill Lynch's report dated 3/19 and the
wound care market is much bigger than I thought. They
do need to get some partners to help in this area to
get access to the facilities that treat such patients
(long term care facilities, nursing homes, ...).
One other thing jumped out at me in his report and
that was him showing 54 million shares outstanding. Q4
was 48 million or so. Where do the extra 6 million
come in? Weren't the warrants accounted for in the
past for diluted earnings? With 54 million that makes
a difference of a penny EPS, explaining why 0.08 is
the concensus estimate.
until third week of april !!!
now my guess on
03/22 7 - 7 1/2. price change in any
occurs AFTER options exp. day. ML DOES have knovledge
interest in BTGC - this is the reason for London office
react, not US OFFICE OF ML. personally i am consider
speculator (no more than 6 month IN). to get more educated
subject one should understend options undewriting
the most brainy buds currently making as agents for
SEC & FBI,
there share 10% of recovery. good luck
please do understand humor !!!!
sm more than 50% of the time.
ML has an
interest in btgc - the one who want to day trade
understand mechanich of underwritings options
short interst in btgc may not (is not) be a result of
outside interest, but hedging as a result of bying
target on 03/22 7 to 7 1/2
btgc is not telling the
truth about antitakeover rules.
who is market maker
< btgc is not telling the truth about
antitakeover rules. >
what do you mean by the above
statement? i spoke to BTGC friday about the poison pill.
after the stock sank below 5 last summer they felt it
best to implement this to avoid a possible hostile
< who is market maker in btgc >
many market makers in the stock. MLCO (merrill lynch)
is the most active and has been for a long time.
MASH and NITE are the next 2 most active, MASH handles
schwab's trades among others and NITE handles a lot of
order flow for places like discover brokerage, e*trade.
you can see all the MM's and how much they trade each